As July begins, a number of important policy and financial changes are set to take effect, which can impact your daily life and financial planning. From banking updates to regulatory shifts, people should stay informed about these changes to avoid potential inconveniences. This will help you make well-informed personal and financial decisions this month.
Some of these changes from July will include mandatory Aadhaar card for new PAN applications, stricter rules for Tatkal train bookings, changes to the GST return forms and revised fee structures for HDFC credit cards, among other things.
Aadhaar For New PAN Applications
From July 1, a unique identification ID, Aadhaar card, becomes mandatory for new PAN card applications. Existing PAN holders are also required to link their Aadhaar by Dec. 31, 2025. Non-compliance with this rule may lead to the risk of ID deactivation.
Tatkal Bookings
From July 1, Aadhaar verification will be mandatory for booking Tatkal tickets via IRCTC's website or app for urgent train bookings. The Railways Ministry has announced new rules under which, starting July 15, OTP authentication will also be required for all online and counter Tatkal bookings. This move is being implemented to ensure that genuine users have access to Tatkal bookings. Even authorised IRCTC agents will be restricted from Tatkal bookings during the first 30-minute window.
Railways Likely To Hike Fares
From July 1, Indian Railways may implement a minor fare hike for train tickets, reports said. The hike may range from 1 paisa per kilometre for non-AC passengers and 2 paise per kilometre for AC classes. If approved, this would be the first such increase since January 2020.
GSTR Forms
From July, GSTR-3B forms of the Goods and Services Tax returns process will become non-editable. This means that the taxpayers will no longer be able to change pre-filled tax data. Additionally, filing monthly or annual GST returns will be blocked if over three years have passed since the due date.
HDFC Card Usage Fee
Starting July 1, HDFC Bank will impose a 1% fee on select credit card transactions. This will include wallet loads over Rs 10,000, utility bills over Rs 50,000, online gaming above Rs 10,000, all rent payments, and fuel spends above Rs 15,000, among other things. The maximum monthly charge for these fees is capped at Rs 4,999.
ITR Deadline Extended
The income tax return filing deadline has been extended. Earlier, it was July 31. The new deadline has been extended till Sept. 15, 2025. This will allow Indian taxpayers more time to consolidate their financial statements and submit their income reports.
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